Nuheara Limited [ASX:NUH] is off to a flying start for the year with its stock price climbing up over 15% since trading commenced in 2019.
Nuheara managed to consolidate some good gains over 2018, up over 12% over the past 12 months.
The developer of wearable hearing and communication technology could be set to make 2019 an even bigger year.
Nuheara is a Perth-based developer of a wearable technology that enables users to listen and communicate. The company has developed patented and multi-functional intelligent hearing technology that augments a person’s hearing and facilitates cable-free connection to smart devices.
End of year hype
NUH closed out 2018 with an oversubscribed $5 million equity raise, completed in early December, which saw strong demand from both new and existing institutional investors.
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The company says the equity will assist in achieving planned objectives over the next six months. Namely increasing sales of its patented IQbuds BOOST and the manufacture and development of new products.
It hasn’t taken NUH long to deliver on its promises to investors and consumers. Only into the second week of the new year and Nuheara has already announced a string of releases.
On Monday the company announced the launch of their new flagship product, the IQbuds MAX. According to the company, the new product has triple the hearing capability and five times the processing power as their IQbuds BOOST.
Wednesday saw the company announce the launch of their propriety IQstore, in what they have called the world’s first subscription-based hearing services app.
According to a press release:
‘Nuheara’s IQstore will provide customers with the power to choose supporting features that are most important to them. Critically, it is designed to provide the Nuheara customer with lifelong hearing support through their hearing health journey.’
To cap off what had already been a busy week for NUH, the tech developer announced yesterday the launch of IQconnect, a point of sales system designed to help customers determine the extent of their hearing loss and recommends Nuheara products.
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IQconnect is a pivotal piece of Nuheara’s product range, eliminating the need for their potential customers to visit an audiologist to have a data-based understanding of their health. It also helps the company consolidate its products in retail sales channels.
NUH hopes that by having hearing tests readily available in shopping malls it can break down traditional barriers to hearing health, ‘normalising a focus on hearing health’.
What are Nuheara’s prospects for 2019?
While Nuheara’s new products may be exciting and tech savvy, it’s all for naught if they’re not selling.
Last year, the UK’s National Health Service (NHS) began to prescribe Nuheara’s IQbuds BOOST alongside traditional hearing aids. Nuheara expects that once their IQbuds MAX is available in H2 2019, more government health providers will begin using their products in lieu of traditional hearing aids.
NUH also finished off 2018 by cementing a partnership with Specsavers in the UK. The partnership will see Specsavers stores stock Nuheara’s products country wide, greatly increasing their products’ availability.
In the UK, Specsavers has revenues upwards of £2.6 billion, with more than 36 million customers, making it the country’s largest optical retailer.
With its recent swath of product releases and a strong end to 2018, Nuheara has certainly created a strong foundation to launch from in 2019. But market volatility is always a variable.
For Money Morning
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